Jurnal Economia, Vol.

The Mobile
15, No. Payment Fintech
2, Oktober Continuance Usage intention in Indonesia
2019, 243-258 (Putritama)
P-ISSN: 1858-2648
Website: https://journal.uny.ac.id/index.php/economia E-ISSN: 2460-1152

The Mobile Payment Fintech Continuance Usage Intention in

Indonesia

Afrida Putritama
Universitas Negeri Yogyakarta, Indonesia
aputritama@uny.ac.id

Abstract: This research aimed to determine both positive and negative factors influencing the
continuance usage intention of mobile payment FinTech in Indonesia. This research used an
exploratory sequential mixed methods research design with a questionnaire as the first research
instrument followed by semi-structured interviews. This research found that both the perceived
benefit and perceived risk significantly influenced the mobile payment FinTech continuance usage
intention in Indonesia but, the perceived benefit had a stronger impact than the perceived risk.
Convenience had the most substantial positive impact on the perceived benefit, which later
increased the mobile payment FinTech continuance usage intention. Financial risk had the strongest
influence on the perceived risk, which later reduces the mobile payment FinTech continuance usage
intention.

Keywords: mobile payment FinTech, continuance usage intention, Indonesian consumer

Niat Penggunaan Berkelanjutan dari Pembayaran Seluler Fintech di

Indonesia
Abstrak: Tujuan dari penelitian ini adalah untuk menentukan faktor-faktor positif dan negatif yang
mempengaruhi niat penggunaan berkelanjutan dari pembayaran seluler FinTech di Indonesia.
Penelitian ini menggunakan desain penelitian metode campuran sekuensial eksploratori dengan
kuesioner sebagai instrumen penelitian pertama diikuti oleh wawancara semi-terstruktur. Penelitian
ini menemukan bahwa baik manfaat yang dirasakan maupun risiko yang dirasakan secara
signifikan mempengaruhi kelanjutan penggunaan pembayaran seluler FinTech di Indonesia tetapi
manfaat yang dirasakan memiliki dampak yang lebih kuat daripada risiko yang dirasakan.
Kenyamanan memiliki dampak positif yang paling kuat pada manfaat yang dirasakan, yang
kemudian meningkatkan niat kelanjutan penggunaan pembayaran seluler FinTech. Risiko
keuangan memiliki pengaruh paling kuat pada risiko yang dirasakan, yang kemudian mengurangi
niat kelanjutan penggunaan pembayaran seluler FinTech.

Kata kunci: mobile payment FinTech, niat kelanjutan penggunaan, konsumen Indonesia

INTRODUCTION
Recent developments in information technology made fundamental reorganization from
the financial service value chain with a new business model known as financial technology
(FinTech). FinTech is seen as one of the technologies that would revolutionise the banking
industry and has received global attention as the challenging technology that would
empower firms to compete effectively in 4.0 industry revolution (Wonglimpiyarat, 2017).
The term FinTech is comes from the words ‘‘financial’’ and ‘‘technology’’ and describes in
general the connection of modern and, mainly, internet-related technologies with
established business activities of the financial services industry (Gomber, Koch, Siering,
2017), or a cross-disciplinary subject that combines finance, technology management, and
innovation management (Leong, and Sung, 2018).

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Banks and other financial services companies found that FinTech has brought
innovations into the financial market with mobile payment FinTech (Gulamhuseinwala,
Bull, & Lewis, 2015). FinTech has various benefits such as enable the ordinary people with
limited knowledge of finance to access financial services (Skan, Dickerson, and Masood,
2015), could give new alternatives that magnify both the efficiency and the quality of
financial services (Spigt and Li, 2015), provide big social impact and quickly adapt to
changes in the business environment (Soriano, 2017), could overcome the high rate of
unbanking citizen as well as the low level of financial inclusion (Davis, Maddock & Foo,
2017). In the other side, FinTech also have high failure risks, such as power failure,
communication failure, system failure, user misused, natural disasters, theft, and system
resource damage, fraud, sabotage, viruses, and embezzlement (Mathur, Mathur, and
Pandya, 2015; Teja, 2017).
Previous research in the information systems field have identified the main drivers
influencing user behavioral intentions in the use of FinTech application (Malik, Suresh,
Sharma, 2017; Mu˜noz-Leivaa, Climent-Climent, Liébana-Cabanillas, 2016; Madan and
Yadav, 2016; Chuang, Liu and Kao, 2015; Hansen, Saridakis, Benson, 2017;
Boonsiritomachai and Pitchayadejanant, 2017) but there is still no studies have
simultaneously covered both risks and benefits of mobile payment FinTech in Indonesia.
To answer this research gap, this research tries to determine how specific positive (perceived
benefits) and negative factors (perceived risks) jointly influence the continuous use of mobile
payment FinTech in Indonesia.
Mobile payment FinTech in Indonesia
Dorfleitner, Hornuf, Schmitt, and Weber (2017) divided the FinTech industry into four
categories by following their distinctive business models, that are financing, asset
management, payments, and other FinTechs. In this research, FinTech continuance usage
intention focused only on mobile payment FinTech that belong to alternative payment
methods subsegment. The term “mobile payment” defined as various functionalities which
are held via mobile phones technology to make payments, bank transfers, eWallets, and
peer-to-peer transfer (transfer of money between two individuals in real-time). Based on
Davis, Maddock & Foo (2017), the economic challenges of Indonesia are as follows: First,
Indonesia needed the development of financial systems policy to better tap into foreign
investors and allocate funds domestically; Second, Indonesia has geographically difficulties
to deliver financial services; Third Indonesia has low level of financial inclusion. All of them
could be overcome by the usage of FinTech.
FinTech provides substantial benefits in Indonesia, like other Southeast Asia
countries, mainly due to an increase in internet access and mobile phones. The
extraordinary growth in the development of mobile communication technologies supported
by complete facilities of mobile ecosystems such as the easy availability of prepaid recharge
vouchers, low tariff rates and a variety of affordable handsets, has been one of the most
successful technological development of the past couple of decades in the developing
countries. The adoption of mobile payment services is rising and becoming people’s needs

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so it is not surprising if mobile payment FinTech has tremendous potential to grow as an

alternative payment channel (Madan and Yadav, 2016).
The Risk-Benefit Framework
The mobile payment FinTech’s continuation intention depend on FinTech users’ relatively
demeanour valuation of mobile payment FinTech use by adjusting Theory of Reasoned
Action (TRA) which introduced by Fishbein and Ajzen (1975) into mobile payment
FinTech context. It has been known that users always liken available services and choose
the most valuable service and as users make a risky decision, they are ready to take risks to
acquire advantage or profits (Kim, Ferrin, and Rao, 2008).
Perceived benefits have been well known as a direct determinant of particular IS
continuous intentions (Kim, Ferrin, and Rao, 2008; Lee, Park and Kim, 2013). In this
research, the definition of the term “perceived benefit” is a users’ perception of the potential
that mobile payment FinTech use will result in a positive outcome. Liu et al. (2012) stated
that perceived benefits can significantly affect mobile payment usage. In many information
system research, perceived risks negatively affect the intentions to use IT services (Lee, Park
and Kim, 2013; Lee, Chae and Cho, 2013; Abramova and Böhme, 2016). According to the
above explanation, this research hypothesizes that users’ perceived benefit and risk play
significant roles in the forming of the intention to continuously use mobile payment
FinTech. The perceived benefit has a positive influence on the FinTech continuance
intention, whilst the perceived risk has a negative influence on like that intention. The
definition of the term “perceived risk” in this research is a users’ perception of the
uncertainty and the possible negative consequences regarding the mobile payment FinTech
usage. The hypotheses of this research are as follows:
H1 Perceived benefit is positively related to mobile payment FinTech continuance intention
H2 Perceived risk is negatively related to mobile payment FinTech continuance intention
Benefit Factors For The Continuous Use of FinTech
Users’ motivations have been classified as extrinsic and intrinsic factors from the cognitive
evaluation theory and both factors have been found to influence perceived benefits and
behavioural intentions in the information system literature. The definition of extrinsic
motivation is the performance of an activity to achieve a specific goal (e.g. rewards), whilst
the definition of intrinsic motivation is the performance of an activity for no apparent
reinforcement other than the process of performing the activity by itself (Davis, Bagozzi,
and Warshaw, 1989).
This study focused on the extrinsic motivation factors and arranged three extrinsic
motivations as the benefit components of the overall perceived benefit: economic benefit,
seamless transaction, and convenience. The definition of economic benefit is the most
common and consistent extrinsic motivation for FinTech (Kuo-Chuen and Teo, 2015),
which includes the cost reductions and financial gains from FinTech transactions. Whereas
the definition of a seamless transaction is the transaction-related benefit of using FinTech.
It is an essential characteristic of FinTech transactions that eliminates traditional financial
institutions through the finance process and enable FinTech user to manage their

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transactions on simple, cheap and fast financial transactions (Zavolokina et al., 2016;
Chishti, 2016). Moreover, the definition of convenience is the flexibility in time and location
(Okazaki and Mendez, 2013). Compared with traditional financial service providers,
convenience through mobile payment FinTech is an acceptable reason to assign the
perceived benefit of the intention to use mobile payment FinTech. Economic benefit,
seamless transaction, and convenience perhaps influence the overall perceived benefit of
mobile payment FinTech, thus affecting its continuance intention. Based on the previous
explanation, this research proposed hypotheses as follows:
H3 Economic benefit is positively related to the perceived benefit of mobile payment
FinTech
H4 Seamless transaction is positively related to the perceived benefit of mobile payment
FinTech
H5 Convenience is positively related to the perceived benefit of mobile payment FinTech
Risk Factors for The Continuous Use of FinTech
Innovation usually comes with risks (Schierz et al., 2010), as well as mobile payment
FinTech. There are several risks concerning mobile payment FinTech which complicated
and endanger the continuous use of mobile payment FinTech. The perceived risk
framework developed by Cunningham (1967) used in this research to obtain the individual
risk factors affect the overall perceived risk of mobile payment FinTech that consist six
dimensions: performance, financial consideration, opportunity/time, safety, social factors,
and psychological factors. In the context of mobile payment FinTech, this research used
four types of risks as perceived risk factors (Ryu, 2018) as follows: financial risk, legal risk,
security risk, and operational risk. The definition of financial risk is the potential financial
loss in the financial transactions of mobile payment FinTech, whereas the definition of legal
risk is an obscurity legal status and the insufficiency of universal regulations for mobile
payment FinTech, and the definition of security risk is the potential loss because of fraud or
a hacking which imperil the security of the financial transactions of mobile payment
FinTech. When the risk feasibility of mobile payment FinTech’s financial systems is high,
mobile payment FinTech’s users will not proceed to utilize mobile payment FinTech. All
of the three types of risks likely significantly impress the overall perceived risk of mobile
payment FinTech, thus negatively influencing the continuation intention of mobile
payment FinTech so this research arranged these hypotheses as follows:
H6 Financial risk is positively associated with the perceived risk of mobile payment FinTech
H7 Legal risk is positively associated with the perceived risk of mobile payment FinTech
H8 Security risk is positively associated with the perceived risk of mobile payment FinTech

METHOD
An exploratory sequential mixed methods research design is used in this research with a
questionnaire as the first research instrument followed by semi-structured interviews which
are complementary methods that support each other (Field, 2013). The mixed-method
should be capable to incorporate the power of both methodologies to fulfil the research
design and fit together the insights into viable solution (Mahalingam & Faizal, 2014). Mixed

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methods research used as part of a post-positivist philosophy and a social constructionist

ontology enables sense to be made of the subjective and socially constructed meanings of
mobile payments FinTech data obtained from participants (Hampshire, 2017).

Economic Benefit

Seamless Transaction Perceived

Convenience Benefit FinTech
Continuance
Financial Risk Intention
Legal Risk Perceived
Risk
Security Risk

Figure 1. The Research Model

This research used the Likert scale questions which reflect the respondent’s
subjective criteria used as a quantitative analysis of the ordinal questionnaire data (Bryman,
2012). The ordinal questionnaire data are allocated a numerical code that ranges from 1 for
strongly disagree to 4 for strongly agree dependent upon the respondent’s answer to each
question. The numerical findings are used to assist in the production of a semi-structured
interview guide that is used in the subsequent qualitative interviews.
This research used purposeful interview sampling in an exploratory interview design
method. Purposeful interview sampling used to select interviewees due to several criteria
including easy to access, available at the right time, close at hand, and different age. An
exploratory interview design is used because of the ability to produces data from substantial
meaning and understanding are created while investigative interview questions are used as
this provides a flexible design that leads to a discovery of the unexpected (Gerson and
Horowitz, 2002). This research used content analysis to analyze the data in various formats
such as interviews, videos, official company reports, press releases, etc. Content analysis is
a scientific method that summarizes and quantitatively analyzes archival documents, which
scholarly interest in this method has increased significantly in recent years in a diversity of
disciplines (Duriau et al., 2007).

FINDING AND DISCUSSION

The questionnaire data are obtained from 113 participants, all of them are Indonesian
participants and 9 questionnaires are excluded because they never have FinTech
transaction, which results in a total of 104 usable questionnaire responses that are obtained
in a face-to-face environment. In all, 97 per cent of the 104 questionnaire respondents are
aged from 16 to 25 years old. Moreover, 1 per cent of the 104 questionnaires are in the 26-
35 years old age range, 1 per cent is aged from 36 to 45 years old, and 1 per cent is in the
56-65 years old age range. Besides, 89,4 per cent of the questionnaire respondents hold high

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school degree qualifications, whilst 8,7 per cent hold undergraduate degree qualifications,
and 1,9 per cent hold post-graduate degree qualifications. As much as 31,7 percent of the

Table 1. The Research Instrument

Constructs Questionnaire’s Statement Reference
Perceived Using FinTech has many advantages Kim, Ferrin,
benefit (PB) I can easily and quickly use FinTech and Rao
Using FinTech is useful for me (2008),
Using FinTech yields a more superior outcome quality than Benlian and
traditional financial services Hess (2011)
Perceived risk Using FinTech is associated with a high level of risk
(PR) There is a high level of uncertainty using FinTech
Overall, I think that there is little benefit to use FinTech
compared to traditional financial services

Economic Using FinTech is cheaper than using traditional Featherman

benefit (EB) financial services and Pavlou
I can save money when I use FinTech (2003),
I can use various financial services at a low cost when I use Lee (2009)
FinTech
Seamless I can control my money without the middleman when I use Chishti (2016)
transaction FinTech
(ST) I can use various financial services at the same time
(e.g. one-stop processing) when I use FinTech
I can have the peer-to-peer transactions between providers and
users without middle man when I use FinTech
Convenience I can use financial services very quickly when Okazaki and
(CV) I use FinTech Mendez
I can use financial services anytime anywhere when (2013)
I use FinTech
I can use financial services easily when I use FinTech
Financial risk Financial losses are likely when I use FinTech Featherman
(FR) Financial fraud or payment frauds are likely when I use FinTech and Pavlou
Financial losses due to the lack of interoperability with other (2003),
services are likely when I use FinTech Lee (2009)
Legal risk (LR) My use of FinTech is uncertain due to many regulations Barakat and
It is not easy to use FinTech due to the government Hussainey
Regulation (2013)
There is a legal uncertainty for FinTech users
It is difficult to use various FinTech applications due to
government regulation
Security risk I worry about the abuse of my financial information (e.g. Featherman
(SR) transaction and private information) when I use FinTech and Pavlou
My financial information is not secure when I use FinTech (2003),
I worry that someone can access my financial information when Lee (2009)
I use FinTech
Operational FinTech companies are not willing to solve the issues when Barakat and
risk (OR) financial losses or financial information leakages occur Hussainey
The organizational responses of FinTech companies are too (2013)
slow when financial losses or financial information leakages
occur
I worry about the way FinTech companies respond to
financial losses or financial information leakages
Continuance I would positively consider FinTech in my choice set 36 Cheng et al.
intention (CI) I would prefer FinTech (2006),
I intend to continue to use FinTech Lee (2009)
I will use FinTech in the future

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104 questionnaire respondent is male, and 68,2 per cent of the 104 questionnaire respondent
are female. From 104 questionnaires respondents, as much as 5,8 per cent of them use
mobile payment FinTech once a day; 20,1 per cent of them use mobile payment FinTech
once an in week; 29,8 per cent of them use mobile payment FinTech once a month; 14,4
per cent of them use mobile payment FinTech every 3 months; 10,57 per cent of them use
mobile payment FinTech every 6 months; 8,7 per cent of them use mobile payment FinTech
once a year or less.
Nine semi-structured interviews are completed with interviewees having an age
range of 16-65 years old and a range of educational qualifications from Senior High School
to post-graduate degrees. The text content extracts of the interviewee data are used to gain
an understanding of interview quotations used to justify the qualitative findings as well as
the relevant quantitative findings (Schilling, 2006). This research uses the interviewee’s
origin words acknowledges, but also limits how research accounts are “always constructed
by the researcher based on the participants’ accounts” (Maxwell, 2012, p. 49) whereas
supporting the research findings through each interviewee’s account.

Table 1. Respondent Characteristic

Characteristic Questionnaire Interviewee
Period of use:
< 6 months 43 3
7 months - 1 year 21 3
> 1 year 40 3
Age:
16 - 25 years old 101 6
26-35 years old 1 1
36-45 years old 1 1
56-65 years old 1 1
Gender:
Male 35 3
Female 69 6
Education:
High School 93 6
Under-Graduate 9 2
Post-Graduate 2 1
Frequency Of Use:
Daily 6 1
Weekly 25 2
Monthly 36 3
Every 3 months 17 1
Every 6 months 11 1
Once a year or less 9 1

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Perceived Benefit Is Positively Related to Mobile payment FinTech Continuance

Intention
As much as 98,1 per cent of Indonesian questionnaire respondents believe that using mobile
payment FinTech giving many advantages with a mean average of 3,2, while the
interviewee responses give a much wider variation that almost all of them realized various
benefits that can be obtained with the usage of mobile payment FinTech but some of them
though that the benefits of mobile payment FinTech are not much different from the benefits
obtained from financial services provided by the bank. A number of 90,4 per cent of
Indonesian questionnaire respondents believe that they can easily and quickly use mobile
payment FinTech with a mean average of 3,1, while the interviewee responses show similar
result that everyone can easily and quickly understand how to use mobile payment FinTech
because it is quite simple. A number of 96,2 per cent of Indonesian questionnaire
respondents believe that using Mobile payment FinTechs is very useful for them with a
mean average 3,2, while the interviewee responses show a much wider variation which
almost all of them realized that mobile payment FinTech simplify their financial
transactions but some of them thought that mobile payment FinTech is not very useful for
them because it is not much different from the internet banking service that has been
provided by the bank. As much as 79,8 per cent of Indonesian questionnaire respondents
believe that using mobile payment FinTechs results in better quality results than traditional
financial services with a mean average of 2,9 while the interviewee responses show a much
wider variation that almost all of them thought that the service quality of mobile payment
FinTech is quite reliable and relatively better than the banking financial services that already
exist but some of them said that bank services gave them better quality result because banks
are far more experienced than mobile payment FinTech companies. From the previous
explanation, it can be concluded that the first hypothesis which is perceived benefit is
positively related to mobile payment FinTech continuance intention is proven.
Perceived Risk Is Negatively Related to Mobile Payment FinTech Continuance
Intention
As much as 70,2 per cent of Indonesian questionnaire respondents believe that using
Mobile payment FinTechs is associated with a high level of risk with a mean average of 2,7
while the interviewee responses show the similar result which all of them though that there
is a big potential for privacy leakage risk because of mobile payment FinTech provider
misused. A number of 39,4 per cent of Indonesian questionnaire respondents believe that
there is a high level of uncertainty using mobile payment FinTech with a mean average of
2,4, while the interviewee responses show a much wider variation which most of them
though that there is no government regulation that clearly regulates the usage of mobile
payments FinTech but in the other hand, some of them said that the Indonesian government
through OJK has made regulations that regulate mobile payment FinTechs to ensure the
rights and responsibilities of all consumers and FinTech provider. A number of 16 per cent
of Indonesian questionnaire respondents believe that there is little benefit to use mobile
payment FinTech compared to traditional financial services with a mean average of 2.1,
while the interviewee responses show a much wider variation which most of them though

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that mobile payment FinTech giving many benefits due to many innovations that have not
been done by the bank, however, some of them said that the benefits of mobile payment
FinTechs are not much different from conventional banking services such as internet
banking and SMS banking. From the explanation above, it can be concluded that the second
hypothesis which is perceived risk is negatively related to mobile payment FinTech
continuance intention is proven.
Economic Benefit Is Positively Related to Perceived Benefit of Mobile Payment FinTech
A number of 79 per cent of Indonesian questionnaire respondents believe that using Mobile
payment FinTechs is cheaper than traditional financial services, with a mean average of 2,8
while the interviewee responses show similar result which everyone thought that mobile
payment FinTechs services are cheaper than traditional financial services because they are
free of administration fees, often giving promos in the form of cashback and discounts. As
much as 79,8 per cent of Indonesian questionnaire respondents believe that they can save
money when they use mobile payment FinTech, with a mean average of 2,8 while the
interviewee responses show the similar result which all of the interviewees said that they
can save more money when using mobile payment FinTechs because there is no admission
fee charged. As much as 83,6 per cent of Indonesian questionnaire respondents believe that
they can use various financial services with a low cost in mobile payment FinTech, with a
mean average of 3 while the interviewee responses show the similar result which all of them
agreed that they can use various mobile payment FinTech services at relatively cheap prices.
From the previous explanation, it can be concluded that the third hypothesis which is an
economic benefit is positively related to the perceived benefit of mobile payment FinTech
is proven.
Seamless Transaction Is Positively Related to Perceived Benefit of Mobile payment
FinTech
A number of 72,6 per cent of Indonesian questionnaire respondents believe that they can
control their money without the middleman when they use FinTech, with a mean average
of 2,8 while the interviewee responses show similar result which all of the interviewees
thought that by using mobile payment FinTechs, they are able to control their finances
independently without intermediary services such as banks or other financial institutions.
As much as 93,30 per cent of Indonesian questionnaire respondents believe that they can
use various financial services at the same time (e.g. one-stop processing) when they use
mobile payment FinTech, with a mean average of 2,9 while the interviewee responses show
similar result which all of the interviewees thought that they can simultaneously use several
mobile payment FinTech services at the same time without causing a decrease in the speed
of transaction processing or causing malfunction. A number of 82,70 per cent of Indonesian
questionnaire respondents believe that they can have the peer-to-peer transactions between
providers and users without middle man when they use mobile payment FinTech, with a
mean average of 2,9 while the interviewee responses show similar result which all of them
believe that mobile payment FinTechs allow them to make financial transactions
independently without any help from middle man. From the explanation above, it can be

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concluded that the fourth hypothesis which is seamless transaction is positively related to
the perceived benefit of mobile payment FinTech is proven.
Convenience Is Positively Related to Perceived Benefit of Mobile payment FinTech
A number of 95,20 per cent of Indonesian questionnaire respondents believe that they can
use financial services very quickly when they use mobile payment FinTech, with a mean
average of 3,1 while the interviewee responses show a much wider variation which most of
them believe that mobile payment FinTechs enable high-speed financial services anytime,
however, some of them though that the speed of mobile payment FinTech financial services
are not consistent depending on each provider. As much as 96,20 per cent of Indonesian
questionnaire respondents believe that they can use financial services anytime anywhere,
with a mean average of 3,1 while the interviewee responses show the similar result which
all of them said that mobile payment FinTechs’ technology enables everyone to access
financial services from anywhere and at any time. 97,10 per cent of Indonesian
questionnaire respondents believe that they can use financial services easily when they use
mobile payment FinTech, with a mean average of 3,1 while the interviewee responses show
the similar result which all of them agreed that everyone from different backgrounds can
use mobile payment FinTechs’ financial services easily. From the previous explanation, it
can be concluded that the fifth hypothesis which is convenience is positively related to the
perceived benefit of mobile payment FinTech is proven.
Financial Risk Is Positively Associated With Perceived Risk of Mobile payment FinTech
As much as 86,80 per cent of Indonesian questionnaire respondents believe that Financial
losses are likely when they use mobile payment FinTech, with a mean average of 2,8 while
the interviewee responses show a much wider variation which some of them said that
mobile payment FinTechs’ provider can be trusted to maintain the security of transaction
data and to ensure that users will not experience financial losses due to irresponsible parties,
but in contrary, some of them said that the possibility of having financial losses for mobile
payment FinTechs’ users is far greater than banks’ users because FinTech does not yet have
strong legal certainty. 93,30 per cent of Indonesian questionnaire respondents believe that
financial fraud likely happens when they use mobile payment FinTech, with a mean average
of 2,9 while the interviewee responses show the similar result which all of them agreed that
financial fraud is likely to happen in mobile payment FinTech services because of a hacker
or employee moral hazard. As much as 85,60 per cent of Indonesian questionnaire
respondents believe that financial losses due to the lack of the interoperability with other
services are likely happen when they use mobile payment FinTech, with a mean average of
2,8 while the interviewee responses show a much wider variation which some of them said
that the lack of interoperability with other financial service operators can increase users’
possibility fall on financial losses, in the other hand, some of them believe that the possibility
of users having financial losses when making transactions via mobile payments FinTech is
not due to the lack of the interoperability with other services but especially depending on
how good the mobile payment FinTechs’ security systems are. From the explanation above,

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it can be concluded that the sixth hypothesis which is a financial risk is positively associated
with the perceived risk of mobile payment FinTech is proven.
Legal Risk Is Positively Associated With Perceived Risk of Mobile payment FinTech
A number of 47,10 per cent of Indonesian questionnaire respondents believe that their use
of mobile payment FinTech uncertain due to many regulations, with a mean average of 2,5
while the interviewee responses show similar result which all of them believe that the
regulations related to mobile payment FinTechs are not yet available so they have no clear
legal basis. As much as 31,70 per cent of Indonesian questionnaire respondents believe that
it is not easy to use FinTech due to the government regulation, with a mean average of 2,3
while the interviewee responses show the similar result which all of them said that until now
the government regulations have not hampered the usage of mobile payment FinTech. As
much as 54,80 per cent of Indonesian questionnaire respondents believe that there is a legal
uncertainty for mobile payment FinTech users, with a mean average of 2,6 while the
interviewee responses show similar result which all of them believe that mobile payment
FinTech users can obtain legal certainty from Peraturan Bank Indonesia (PBI) and
Peraturan Otoritas Jasa Keuangan (POJK) that governing FinTech although the regulations
not yet cover all aspects of FinTech. A number of 22,11 per cent of Indonesian questionnaire
respondents believe that it is difficult to use various mobile payment FinTech applications
due to the government regulation, with a mean average of 2,2 while the interviewee
responses show similar result which all of them believe that until nowadays there are no
difficulties in using various mobile payment FinTech application because there are no
government regulations which prohibits the use of various FinTechs. From the previous
explanation, it can be concluded that the seventh hypothesis which is a legal risk is positively
associated with the perceived risk of mobile payment FinTech is proven.
Security Risk Is Positively Associated With Perceived Risk of Mobile payment Fintech
As much as 88,50 per cent of Indonesian questionnaire respondents worry about the abuse
of their financial information when they use Fintech, with a mean average of 3 while the
interviewee responses show the similar result which all of them worry about the misuse of
their financial information by mobile payment FinTech provider. A number of 48,10 per
cent of Indonesian questionnaire respondents belief that their financial information are not
secure when they use FinTech, with a mean average of 2,5 while the interviewee responses
show a much wider variation which some of them said that they worry about the abuse of
their financial transaction and other private financial information, but in the other hand,
some of them said that they are not worried about their financial information being leaked
because the Fintech provider mobile payment can be trusted. As much as 88,50 per cent of
Indonesian questionnaire respondents worry if someone can access their financial
information when they use mobile payment FinTech, with a mean average 3 while the
interviewee responses show the similar result which all of them have concerns if there are
people who can access their private financial information without their permission. From
the explanation above, it can be concluded that the eighth hypothesis which is a security
risk is positively associated with the perceived risk of mobile payment Fintech is proven.

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This research found that convenience was the strongest factor that influenced the
perceived benefit of mobile payment FinTech, especially because mobile payment FinTech
user can use financial services easily anytime, and anywhere. Convenience had the strongest
positive impact on the perceived benefit, which later increased the mobile payment FinTech
continuance usage intention. The result of this study is consistent with the results of previous
studies (Kim, Mirusmonov, and Lee, 2010; Kuo-Chuen and Teo, 2015; Okazaki and
Mendez, 2013; Shen et al., 2010). Nevertheless, the economic benefit and seamless
transaction also have a big influence on the continuous use of mobile payment FinTech in
Indonesia. The results of this study are in line with previous studies that found that
perceived benefit is the most influential factor in consumer adoption of various mobile
service technology (Chuang, Liu and Kao, 2015; Rouibah, Lowry, and Hwang, 2016;
Cocosila & Trabelsi, 2016 ; Lee, Lee, Jeon, 2017; Yin and Yang, 2015).
Although mobile payment technology has been used widely throughout the world,
users still face some risks related to mobile payments usage although trust can offset these
risks which positively influences perceived benefit which is consistent with Iranian mobile
banking users (Mohammadi, 2015). This study found that financial risk was the strongest
factor that influenced the perceived risk of mobile payment FinTech, which later reduce the
mobile payment FinTech continuance usage intention. The result of this study is similar
with previous studies which found that financial risk is the most important factor of the
perceived risk in mobile payment usage (Abramova and Böhme, 2016; Liu, Yang, and Li,
2012; Luo et al., 2010) but contrary to the results of Ryu (2018).
To minimize the existence of financial risk, the FinTech company should increase
user trust to ensure the continued use of mobile payments FinTech in the future. One of the
ways to increase the trust of mobile payment FinTech users can be done by registering
FinTech companies to the OJK and ensuring that their operations meet the requirements
stipulated by OJK Regulations and BI Regulations.

CONCLUSIONS
This research aimed to determine both positive and negative factors that influence the
continuous use of mobile payment FinTech in Indonesia and found that both the perceived
benefit and perceived risk are significantly influenced the FinTech continuance intention
but they are in the different level. The perceived benefit had a stronger impact on FinTech
usage decision than the perceived risk.
This research found that convenience was the strongest factor that influenced the
perceived benefit of mobile payment FinTech, especially because mobile payment FinTech
user can use financial services easily anytime, and anywhere. Convenience had the strongest
positive impact on the perceived benefit, which later increased the mobile payment FinTech
continuance usage intention.
This study has some limitations that opening up further research opportunities in the
future. First, this study only focuses on certain benefits and risks that have been used in
previous research. Subsequent research can expand coverage by adding other factors of
benefits and risks associated with the continued use of FinTech's mobile payments. Second,

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 The Mobile Payment Fintech Continuance Usage intention in Indonesia (Putritama)

this study used the exploratory method to interpret the continuance intention of mobile
payment FinTech usage. Reliability of measurement needs to be improved in future
research by applying additional methods to gain a deeper understanding of the continued
use of mobile payment FinTechs. Third, the respondents of this study are limited to Mobile
payment FinTechs only, so that they do not apply to other types of FinTech. To overcome
the limitations of this study, further research should examine other types of FinTech.
Fourth, the results of this study are limited to Indonesian mobile payment FinTech users,
which is a developing country, so there is a possibility that the results will be different if
applied to developed countries. I suggest the best way to maintain the continuance intention
of mobile payment FinTech usage in Indonesia is making the development of mobile
payment FinTechs according to the needs and desires of users, of course, by still complying
with applicable legal regulations.

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